Network function virtualization market to register a staggering CAGR of 42% over 2018-2024, large scale deployment of NFV technology across IT and telecom sector to drive global industry progression
Bringing about a disruptive change in the way present-day digital networks are being built, operated, and managed, the network function virtualization (NFV) market has established itself as one of the most profitable niche verticals of the sustainable and smart industry. Owing to a substantial increase in the demand for robust data management systems across various business sectors, the deployment rate of NFV technology has witnessed a massive jump over the past few years. Especially, the rising number of collaborations between IT giants and renowned cloud service providers has consequentially boosted the growth prospects of NFV industry. For instance, the recently formed partnership between Indian IT major Tech Mahindra and cloud computing behemoth VMware is a testament to the growing prominence of NFV technology in connecting virtual machines and physical interfaces.
Europe Network Function Virtualization (NFV) Market Share, By Application, 2017
Elaborating further, both the firms are likely to integrate VMware’s OpenStack ready NFV platform with digital transformation expertise of Tech Mahindra to assist global communication service providers in accessing new market opportunities, accelerating new service delivery, and enhancing the overall business economics. Moreover, the solutions provided by both the companies would be based on distributed micro data center architecture that will certainly lower the expenses related to network infrastructure. Apparently, the formation of such robust partnerships would optimistically impact the NFV market share in the years ahead.
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At a time when the global IT and telecommunication sector has been recording unprecedented growth owing to a major shift toward automation, next-generation technology solutions such as NFV have garnered immense significance. With the help of a robust virtualized network architecture in conjunction with NFV technology, the telecommunications companies can now launch new services in a couple of months. Moreover, the deployment of NFV enables telecom network operators to significantly reduce power consumption through consolidating equipment, lower the maturation cycle, improve the flexibility of network service provisioning, and enhance operational efficiency. As a consequence of all these advantages, the IT and telecommunication sector has emerged as the major contributor toward NFV industry share expansion in the recent times. In fact, as per a research report compiled by Global Market Insights, Inc., the IT and telecommunication segment held over 32 percent of the revenue share of the overall NFV market in the year 2017.
In this regard, developing economies along the likes of India and China have emerged as the fastest growing terrains for the telecom industry in the last decade. This has, in turn, benefited the NFV market players operating in these nations as the deployment of NFV technology in the telecommunication sector has been on the rise. Testimony to the aforementioned statements is the recently organized SDN & NFV India Congress 2017 which aimed at deliberating on the opportunities and the evolving role of NFV technology on 5G networks in the context of India’s telecom industry. Held for the first time in India, the Congress has been supported by tech giants such as IBM, Juniper Networks, Ericsson, Huawei, UT Starcom, ADVA Optical Networking, and Nokia. Needless to mention, the outcomes of such proactive initiatives would aid the IT and telecom sector to retain the top spot across the application spectrum of NFV industry in the upcoming years.
Meanwhile, it would be prudent to mention that the seamless deployment of NFV technology has been facing certain challenges which includes ensuring compatibility with legacy platforms, interoperability, performance trade-off, and simplicity which might prove to be roadblocks in rapid product penetration. However, the applications of NFV technology would undoubtedly drive various business verticals toward the next phase of network evolution and would prepare an ecosystem where the advantages of 5G connectivity would be leveraged in a highly efficient and agile manner. Driven by an escalating demand for server consolidation and data center virtualization, the remuneration portfolio of the global NFV market is projected to surpass USD 70 billion by 2024.
Author Name : Saif Ali Bepari
Instant electric water heater market to garner exceptional proceeds over 2018-2024, LATAM to prominently drive the regional landscape
Electric water heater market size has witnessed a massive upsurge in the recent times owing to the consistent product upgradation and business expansion approaches adopted by the major market players, coupled with rising disposable income of households, increasing electrification in the developing nations and rigorous energy-efficient regulations being prescribed by governments across the globe. The ever-evolving consumer behavior and altering purchase patterns have further fueled the growth of electric water heater market.
Europe Electric Water Heater Market Size, By Capacity, 2017 & 2024 (USD Million)
With rising consumer education regarding water-heater performance and energy efficiency, the manufacturers have been compelled to rethink about the current designs of electric water heaters and enhance the existing technologies. To cite a noteworthy instance, one of the global industry leaders partaking in electric water heater industry, Bradford Corporation, has recently launched its eF series water heaters equipped with a thermal efficiency of 90% and a higher hot-water retrieval.
Furthermore, citing an instance of robust partnerships, U.S. based water heating systems provider, Aquanta Inc., recently announced its alliance with the leading electric utility and energy solutions provider in the U.S., NRTC to build a strong distribution framework to supply its smart water heater controller in the U.S. market. Similar moves are likely to materialize over the next few years, in turn, boosting the electric water heater market growth.
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Electric water heater industry is poised to witness great demand for energy efficient products, especially against the backdrop of escalating electricity tariffs and growing governmental emphasis on conserving energy. The magnitude of expansion of electric water heater market in terms of the product spectrum, that essentially comprises instant and storage based electric water heaters has indeed been immense. Of these, instant electric water heaters minimize standby energy losses and last longer. In addition, they have been evolving with the upcoming market players conjoining the already popular water heater with ohmic array technology.
For instance, U.S. based Heatworks Technologies has raised $7.2 Million from investors including Microsoft to produce state-of-the-art tankless electric water heater using its patented Ohmic Array technology which includes graphite electrodes instead of metal heating and hence never rusts, unlike traditional heating products. With the introduction of such products, the upcoming electric water heater market players are attempting vigorously to gain competitive edge in the growing market size dominated by influential players.
Meanwhile, it would be sensible to take note of the factors that may constrict the electric water heater market size in the immediate future. The alternative energy sources such as hybrid-powered appliances and solar power are garnering swift popularity in the commercial and residential areas across the globe. Large enterprises are preferring solar-powered appliances owing to their long-term advantages. Therefore, the presence of these alternative sources is likely to adversely impact the growth potential of electric water heater market size in the ensuing years.
Latin America is expected to come up as the next big ground for electric water heater market. Aided principally by Brazil, LATAM held more than 30% of the overall electric water heater market share in 2017, driven by the rising consumer preference for advanced heating technologies that help save considerable energy and expenditure. The rising demand for hot water across domestic applications and the lure for extensive cost savings on account of efficient heaters will further impel LATAM electric water heater market.
With a sturdy and well-established distribution and sales channel spanning across majority of the regions across the globe, prominent industry players such as Bradford White Corporation, A.O. Smith, Rheem Manufacturing Company, Haier Electronics and Ariston Thermo have a firm footprint in the electric water heater market. The electric water heater market, owing to aforementioned factors, is considered a combative and saturated industry with upcoming players trying to gain consumer loyalty through discounts and promotional activities. A recent report on electric water heater market, composed by Global Market Insights Inc., has forecast the market valuation to surpass USD 19 billion by 2024.
Author Name : Saif Ali Bepari